Reinventing Strategic Workforce Analytics
Are your HR and executive teams finding it difficult to plan and achieve your organization’s human capital needs? No worries! You are not alone. In fact, this is one of the most critical problems almost every organization faces today. It is a huge challenge as it takes a short-term toll on the time and energy of your HR team. Also, it impacts the company’s overall strategic planning, finances, and budget.
Effective workforce planning is essential for a company to identify issues with repeated understaffing in several departments. If left unidentified, it can impact the efficiency of the organization, resulting in the inability to accomplish organizational goals. Therefore, in a bid to improve their productivity, collaboration, flexibility, and engagement, companies should take workforce analytics solution into consideration. Apart from maximizing performance management, workforce analytics solution also helps optimize the company’s results.
At Quantzig, we understand the difference that workforce analytics can bring to your business. And to help companies maximize their efficiency, our team of experts has highlighted five key ways in which workforce analytics can offer a sharper collective eye to the HR team and help them in identifying possible future risks. But before jumping onto to the benefits of workforce analytics, let’s understand what exactly workforce analysis is.
What is Workforce Analysis?
Workforce analysis is the process of tracking and measuring employee-related metrics and optimizing an organizations human resource (HR) management and decision-making. This allows companies to focus on the return on value for every hire. Moreover, it helps analyze specific data to help identify workplace trends such as satisfaction with decisions, potential risk factors, and much more.
By leveraging a workforce analytics solution, it is possible to analyze data to have a clear picture of the current situation and make improvements to their HR strategies. This can optimize business results.
Benefits of Workforce Analytics
Benefit #1: Improves efficiency with automation
For any company, workers are their assets. Sometimes the tasks they do can affect their productivity or cannot provide the required results. This is where workforce analytics can help. By leveraging workforce analytics solution, companies can identify areas where tasks can be assigned to machines via automation. This allows employees to dedicate their efforts to other important and valuable activities.
Benefit #2: Boosts employees’ engagement
Workforce analytics goes beyond firing and hiring information and helps companies to understand the reasons behind the inefficiency of their employees and discover factors impacting the productivity. It helps in maintaining the current workforce instead of replacing it. The goal of workforce analytics is to unveil those factors that affect engagement and performance and to overcome them by fostering better conditions.
Benefit #3: Enhance hiring criteria
For business, finding new talent is always difficult regardless of a company’s scope or size. Workforce analytics can help in identifying exactly what is needed from a new hire based on the data of previous applicants, their success, and the needs of the company. Also, it helps in understanding new candidates based on their historical data to examine whether they would be a good fit or not. (more…)
It goes without saying that the workforce is vital to the success of any company. If HR managers can analyze and predict staff needs accurately, then it would prove easier for them to make the office environment more productive, improve career development, and implement human resource processes. Research indicates that future HR leaders will be those who understand what technology can do, know how to mine intelligent insights from the technology, and apply them to their workplace to achieve their business goals. Advanced technologies such as HR analytics help managers to understand their workforce better. Therefore, workforce analytics is something that no progressive organization can afford to overlook. Here are four HR analytics trends that are going to break new grounds for companies at large:
Utilize blind hiring techniques
Sometimes managers find a hard time in making a choice between different candidates. Sometimes there are also reported instances of unfair or biased judgment made. Companies can avoid such incidents with the help of a blind hiring process. Businesses can use HR analytics software that is entirely bias-free for screening and preselecting candidates based on their actions and answers, using algorithms to calculate a candidate’s likelihood to succeed in the role they apply. In 2018, we can expect more companies to resort to advanced analytics techniques while hiring employees for different job roles.
Increased measurement of the employee lifecycle
This year, HR analytics is all set to take a sharp turn towards utilizing available data for measuring the entire employee lifecycle — from pre-hire to exit. Progressive companies are likely to emphasize more on using data for measuring the employee lifecycle and reduce voluntary turnover. Each phase of the life cycle can give unique insights and value to the company regarding voluntary turnover. Several survey firms are already moving in this direction.
HR analytics is here to stay
The benefits offered by workforce analytics have been tried and tested by various top organizations. The majority of midsized to large organizations are trying to invest in and build robust HR analytics capabilities. However, a significant dilemma remains for most organization whether to buy or build workforce analytics for their company. The decision indeed varies according to each businesses’ capabilities. Also, from past experiences, many companies have identified that having a strong strategy is essential while implementing workforce analytics. Otherwise, the data just remains a tracking dashboard, which is simply not analytics.
Increases use of IoT
Cloud computing’s application in HR has skyrocketed more than ever before in the recent years, and this trend is expected to continue in 2018 as well. Storing data on clouds means that it would be easier to access these data and use them for workforce analytics. Even small and medium-sized companies are increasingly incorporating IoT capabilities into their business. Cloud computing offers several other benefits as well to companies, which include automatic software updates, so that the staff can access applications anywhere and at any time, and also enhanced data protection.
To know more about the HR analytics trends for 2018
Globally, key stakeholders in the medical device industry have started witnessing unprecedented challenges in terms of increasing their market shares and predicting potential growth opportunities.To retain the best talent and gain a competitive edge over their competition, most companies are investing a part of their budget on HR analytics. In the medical device industry, HR analytics helps manufacturers to effectively understand their employees and drive better business decision making. Also, implementing HR analytics in the medical device manufacturing space helps organizations optimize the workforce to improve business outcome. HR analytics mainly emphasizes on gathering and keeping track of employee information, hiring requirements, salary rates, and attrition levels.
HR analytics also plays a pivotal role in predicting and acquiring the right candidates; thereby, bolstering employee morale, retention, and the overall engagement. With years of expertise in offerings HR analytics solution, Quantzig’s HR analytics solutions help clients identify and acknowledge the top performers and chart out better strategies to retain such talents. Through a robust HR analytics engagement, clients can further track and record the behavior of the employees with patients and co-workers. Quantzig’s HR analytics engagement also helps the client to reduce churn rates and improve the overall performance of the company.
The medical device industry is competitive due to the presence of numerous competitors offering customized products to meet the rising demand of the consumers. Like most players in the medical device manufacturing space, a market leading player with a considerable number of healthcare facilities across the globe wanted to assess their workforce performance to improve sales. The client wanted to understand human resource gaps and opportunities to devise better planning at all levels of the management. After identifying the challenges hampering the medical device space, the client wanted to implement an effective workforce analytics solution to effectively manage their workforce.
HR Analytics Solution Benefits
After gaining desired information, the client was able to leverage the use of data and metrics to understand the employees in the workspace. The engagement helped the client effectively showcase the change, forecast trends, and enhance decision-making process. Also, the client was able to assess the strengths and vulnerabilities of the workforce. The effective robust engagement further assisted the client to measure, monitor, and predict the effect of risk factors and devise robust contingency plans. HR analytics solution helped the client effectively gather and keep a track of employee information, hiring requirements, and attrition.
HR Analytics Solution Predictive Insights:
- Better optimize workforce and monitor their attitudes and performance
- Adapt to the current technologies and drive better decision-making
- Increase overall profitability, long-term retention, and ROI
- Effectively benchmark the level of employee performance to achieve better results
- Track and monitor workforce to identify, retain, promote top employees
Want to know more about HR analytics solution?
Information technology (IT) and business are both essential sides of an operation. However, with many differences in knowledge, processes, and needs, it can be difficult for the two to get along. This has been a problem for many years: IT resents “impossible requests” from business, and business is annoyed that information technology cannot deliver on time and without errors.
When the two units work in isolation, these attitudes are easy to develop. Each group knows what it needs and what it is capable of doing (more or less), but doesn’t have a strong understanding of the other. Needs and limitations are not clearly conveyed, and both sides of the workforce become frustrated with each other.
One important and straightforward way to repair this relationship, then, is communication. Both sides may think they are providing enough information when in fact they are not. Also, when a request or project does not meet expectations, the instinct may be to complain privately rather than discuss the problem with each other. If both groups learn to speak openly and clearly about what they need and what issues arise, it is easier to fix problems or avoid them altogether.
For example, perhaps business wants a database for particular types of data. They may consider it sufficient to specify the type of data they want to store and retrieve. However, when the database is complete, they find that they are unable to sort by or search for a particular subject. They are annoyed that information technology left out an important function, and IT is annoyed that no one told them this was a necessary feature.
Depending on how a situation like this is handled, there can still be a positive outcome. Business can learn to be more specific, and IT can learn to check in with the business stakeholders about desired features. If business becomes more involved throughout development, rather than only at the start and finish, it becomes easier to identify problems and possible improvements early on, saving the company time and resources.
Another way to improve the relationship between business and IT, as well as the success rate of projects, is to involve both groups in the planning process. Instead of a business deciding what it needs and then asking IT to take care of it, IT should be present while the decision is being made. This not only allows IT to bring up potential problems and ask questions before the project begins, but it also gives them a better understanding of the requirements and the purpose of the project.
This leads to fewer issues later on and can improve the relationship between the two groups. It also means that business will likely have a better understanding of the time and resources required for the project, and will not be surprised later on by things running late or underperforming.
It is not enough to simply say “talk to each other” or “work together,” however. Both sides have to be willing to listen to each other and to cooperate. There are ways to facilitate this as well, such as creating common spaces and events for people to mingle. If employees think of each other as individuals and coworkers and are not confined to silos with little or no interaction, they are more likely to consider others’ needs and forgive their setbacks and errors. Considering people as well as processes will bring more success when trying to close the gap between business and information technology units.
Business Challenge: Reducing overtime for field sales force. A global machinery and equipment manufacturer and supplier to construction industries wanted to reduce the time spent by its workforce in field sales calls in the UK market, and save overtime costs.
Situation: High overtime costs for field sales force
The machinery and equipment manufacturer had to allot a huge amount of its sales budget on overtime for its field agents. The client wanted to improve its sales strategy, so as to reduce overtime costs and provide work-life balance for its agents, while ensuring the high service levels such that the customer commitments were met.
Solution/Approach: Workforce management and field service management
We automated and optimized the information, utilized workforce management and field management (FSM) solutions to analyze the time spent in traveling, breaks, non-fruitful field calls and other activities, and how it impacted the costs. Based on this we provided suggestions on improving the time spent on workflow, to cut-down on the extra hours.
Impact: 25% reduction in overtime costs
The machinery and equipment manufacturer utilized our suggestions to devise a better time-plan and create alternatives for time spent on workflow. This helped its sales forces in hitting their targets more consistently, and getting more done in scheduled work hours. The client reduced overtime costs up to 25%, while achieving an improvement in its sales force’s satisfaction.